ICICI Bank NRI Home Loan

ICICI Bank was established in the year 1994 and over the years it has come a long way to become a diversified financial services group. When it comes to market capitalization it is India’s second largest bank. ICICI bank offers a wide variety of services and banking products including credit, deposits, life and non-life insurance, asset management and investment banking which caters to ever growing needs of Indians and NRIs. ICICI is an Indian multinational banking and financial services company headquartered in Mumbai. ICICI bank is India’s largest private bank. It was originally promoted in 1994 by ICICI limited, an Indian financial institution, and its wholly subsidiary. It provides provide wide range products and financial services for corporate and retail customers. It has more than 4,850 branches and 14,404 ATMs in India and it spreads its wings over the 19 countries including India. Bank has subsidiaries in the United Kingdom and Canada branches in Singapore, Bahrain, Hong Kong, Sri Lanka Qatar, Oman and many more.

Purpose of NRI Home Loan

One of the most lucrative investments for the NRIs is buying a house in the home country especially when the value of the Indian rupees compared to other currencies is pretty lower. The value of the American dollar is considerably higher as compared to the Indian Rupee so buying a home in India would be a great opportunity for these NRIs to stay close to their country as well as make an investment for the same purpose. Managing an NRI home loan has become all the more easier with the new and upgraded technology. NRI home loans provide all the necessary facilities to the applicants so that they can avail the home loan in their home country without any hassle.

Features and Benefits of ICICI Bank NRI Home Loan

The features of ICICI NRI Home Loan and ICICI Bank NRI Home Loan benefits are as follows:

Applicants are free to chose from fixed as well as floating rates of interests

Till the loan has been disbursed full assistance and door step service will be provided.

Attractive interest rates calculated on a monthly basis.

Customers need not worry about hidden charges and are guaranteed of a transparent loan processing procedure

Borrowers are offered home loan advisory services in the country that they reside

Borrowers are offered home loan advisory services in the country that they reside

Loan Amount of ICICI Bank NRI Home Loan

ICICI Bank NRI Home loan amount ranging from 5lakh-10 crore is provided for a tenure ranging from 3-30 years at interest rates ranging from 8.40%-8.85% floating and a processing fee of 0.50% which is Rs11800.
The other offer in the same context provides a home loan ranging from 5lakh-10 crore for a tenure ranging from 1-30 years and ICICI NRI Home Loan interest rates ranging from 8.35%-8.80% with the similar processing fee as mentioned earlier.

Eligibility Criteria for ICICI Bank NRI Home Loan.

ICICI Bank NRI home loan Eligibility depends upon following criteria:

Applicants with personal qualification should have at least 1 year of work experience

For the tenure of the loan ranging from 11 to 15 years the applicant should have a diploma or a graduate degree and 3 years of working experience in abroad

Eligibility conditions:

The applicant must be 21 years of age. The maximum age is 60 years or the retirement age whichever is earlier.

Self employed individual should have spent at least 3 years in abroad

Salaried applicants should have spent at least 1 year abroad.

About ICICI Bank NRI Home Loan

EMI Calculator of ICICI Bank NRI Home Loan

Processing Fees of ICICI Bank NRI Home Loan

Documentation of ICICI Bank NRI Home Loan

Why iServe Financial?

In order to ensure the affordability of the home loan one should check whether the current EMI will help in comparing the various loan options and will also help you select the right home according to your budget. ICICI NRI Home Loan EMI Calculator will not only help you find the right home that fits your budget but also help you compare various home loan offers. All you have to do is enter the details such as the loan amount, interest details, EMI amount and the processing fees. The ICICI NRI Home Loan EMI calculator will help you calculate the EMI and accordingly the loan amount can be entered till a suitable EMI is arrived at.

Processing fee and ICICI Bank NRI Home Loan charges is 0.5% of the entire home loan amount along with applicable service tax and surcharge.

Financial details for salaried applicants:

Bank statements showing salary credits for the past 6 months

Copy of all previous appointment letters

Copy of salary certificate bearing date of joining, current salary and salary slip for the last 4 months.

For fixed salary , salary slip for the last 3 months and variable salary slip for the last 4 mont

Personal details documents:

Latest passport size photo of the applicant signed across by the applicant and co-applicant

Valid Visa and Passport copies of all applicants

Copy of existing overseas residential proof

Self attested address proof, copy of pan card and form 60 for all applicants.

Financial Documents for self employed applicants:

Copy of incorporation of business

Business profile and address for the office

Last 2 years CPA compiled or reviewed or audited profit and loss accounts as possible, depending on the country of operation.

In case of a partnership firm, a copy of partnership deed and MOA and AOA if the company is a private company.

Personal Guarantor Documents:

Current Income Documents, Passport and Visa copies

Current overseas address verification proof pertaining to the NRI guarantor which can be any utility bill, insurance premium and driving license and bank statements.

All the financial requirements and services provided by iServe financial are available free of cost for the customers and one can avail them without any hesitation.

More than 50+ banks and NBFCs are available on the customer screen from which one can choose according to their convenience.

We provide you with the most dedicated personnel to take care of all your requirements and provide you with appropriate advice.

There are about 1000 products that we offer along with the right mix of finance.

We offer the best rate of interest , gift vouchers and all the other benefits and cash backs for their inter interest

We offer financial services both online and offline and also offer offline counselling

We provide end to end services i.e. we assist you right from the time you apply to the time the deal is finally done and delivered.

We offer services all across the country.

FAQ ICICI Bank NRI Home Loan

How do I make the repayment of the loan?

Through normal banking medium NRO/NRE or from the rental income that comes from the property, the repayment can be done. Also according to the RBI regulations the amount can be paid in Indian Rupees.

Can I prepay the loan before the completion of its tenure?

Yes you can make prepayments at no additional costs. Depending on the amount prepaid the outstanding balance and whatever amount is remaining is reduced. For full prepayment, the pre-closure charges of 2% of the outstanding amount and whatever amount is prepaid during the last 12 months will be levied as pre-closure charges.

Can I apply for ICICI NRI Home Loan without any co-applicant?

In case there is no co-applicant then an NRI Guarantor is mandatory. The Guarantor must also submit his income proof and proof of address.

When will the loan amount be disbursed?

The housing loan will be disbursed only after you have submitted all your legal documents related to the property. For a property under construction ICICI will disburse the loan based on the state of construction of the property.

When will I be permitted to change between fixed and floating rate of interests?

Yes this can be done you will be charged a nominal fee of 1.75% on the outstanding home loan amount for switching between the interest rates.

News & Articles

ICICI Lombard, HDFC Ergo, New India Assurance and National Insurance are among the insurers who will offer a tailored insurance cover soon for insolvency professionals. These are to be available only for company’s top executive and board of directors. However, it wouldn't cover an insolvency professional who would take charge of running a company during bankruptcy proceedings. "As of now, the normal professional indemnity cover can protect them," Said Sanjay Datta, chief underwriting and claims, a t ICICI Lombard differs. "Later on as market need increases we can develop a specialised cover for them." "We will surely be interested in providing cover. First, we need to understand the nuances of the product because to design the product we need to understand the responsibilities and liabilities the IP will have," said G Srinivasan, managing director of New India Assurance. The IP has discretionary power to take decisions on day to day running of the company.

ICICI bank on Wednesday has announced the launch of Instant Credit Card Service, which will help its savings account customers to get a credit card instantly. This is the first-of-its-kind offering in the Indian banking industry, the private sector lender said in a press release. "The facility significantly improves customer experience as it allows choosing from a suite of credit cards and creating a credit card instantly," ICICI Bank said. Through the Instant Credit Card Service, which is available round-the-clock and on all days, a customer can get a credit card instantly with a credit limit of up to Rs. 4 lakh based on pre-checked bureau scores. To apply for an instant credit card is available through the Bank’s internet banking account where they will be given option for availing a credit card.

ICICI bank is expected to report a 7-8 percent rise in net profit for June quarter. The lender is seen reporting 8-10 percent net interest income. The brokerage expects the pace of incremental slippages to decline. The brokerage Centrum Broking expects the bank to report a 7.2 per cent rise in net profit at Rs 2,392.50 crore. “We expect ICICI Bank to report 9.8 per cent growth in NII led by 6 per cent growth in loans and further improvement in margins to 3 per cent. Loan growth would continue to be driven by strong traction in its retail portfolio,” the brokerage said. Gross NPA may drop for the quarter, “given the resolution of one of the largest stressed account. It could also release some provisions and a reduction in watch list exposure,” it said. The brokerage sees growth in loan segment around 8-9 percent but net income margin will decline due to high NPLs.

ICICI bank is selling personal loans of up to Rs. 15 lakh through its ATMs. The lender will per-qualify select customers for personal loans. Such customers will get a message on the ATM screen after completing a transaction. If a customer chooses to go in for the loan, they can avail a five-year personal loan of up to Rs 15 lakh and the amount will be credited instantly into their account. The customer will be informed about the details like, interest rates, processing fee and EMIs before completion of the transaction. "We believe this is a compelling proposition as it is a completely paperless procedure and instant disbursal of funds through the ATM," ICICI Bank executive director Anup Bagchi said. This will help the customers receive money more conveniently.

On Tuesday ICICI Bank opened its branch at Jehangir Chowk, Srinagar and was inaugurated by the Deputy Commissioner Farooq Ahmed Lone. The bank officials said that the bank offers a wide range of banking products and services. There are around 37 bank branches in Jammu and Kashmir which are well equipped with technology without the need of further improvement. The ICICI bank was the first one to launch the debit card. The ICICI bank is an Indian multinational and financial service provider with its headquarters in Mumbai. The regional head of the bank says that the bank provides retail loans which include credit loan, auto loan, vehicle loan, credit card, gold loan which provides good rates in areas of business and personal loans. The bank has a good range of services for investment and they are digitally very active.